Seems like alarmist FUD to me. While I agree that having Arm owned by any one of its major customers creates some potential conflicts of interests, I think the notion that NVIDIA or any other company would start to drive licensees away with draconian terms/costs with some poor business planning pretty silly.
The more interesting question to me is what would any single (major customer of Arm) company gain from owning Arm? For instance, if NVIDIA wants to be competitive in data center CPUs (which would put them at equal footing with AMD and Intel, not more monopolistic), why couldn’t they go the Apple approach with a perpetual license and design it entirely custom (or not) as they see fit? (AFAIK they already design custom mobile CPUs.)
What do you gain by buying out an expensive, large licensing company that essentially makes no money that leaves you in a weird position with various rivals? Doesn’t quite click for me.